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Cathie Wood Calls Bitcoin a ‘Financial Superhighway,’ Reiterates $1.5M Price Target
Cathie Wood, CEO of Ark Invest, called Bitcoin {{BTC}} a “financial superhighway,” highlighting the cryptocurrency’s important use cases in emerging markets.
Wood, whose Ark Invest recently became an issuer of a spot bitcoin exchange-traded fund (ETF), ARKB, said the asset manager is focused on emerging markets and the global macroeconomic environment, which has been “shocked” by the U.S. Federal Reserve’s interest rate hike, he said during an informal chat at the Bitcoin Investor Day conference in New York on Friday.
“There are signs that all is not well in the world,” he said of countries like Nigeria, one of bitcoin’s biggest users due to the country’s sharp currency depreciation. For that reason, Wood sees bitcoin as a risk-off asset and a risk-on asset.
Ark’s spot bitcoin ETF has become one of the most successful bitcoin ETFs among the ten funds launched in January.
Wood said that with more institutions entering the space, mathematically speaking, the price of bitcoin could easily rise above $3.5 million. However, he declined to provide a new specific price target.
“Bitcoin still has a long way to go,” he said instead, emphasizing his previous prediction of a $1.5 million price target.
To know more: Cathie Wood Predicts Bitcoin Price to Reach $1.5 Million by 2030 After ETF Approval